WASHINGTON -- Federal regulators have charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.

The Securities and Exchange Commission filed a civil lawsuit against Cuban on Monday in federal court in Dallas. The agency says that in June 2004, Cuban was invited to get in on the coming stock offering by Mamma.com Inc. after he agreed to keep the information private.

The SEC says Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, told his broker to sell all shares in the search engine company.

"As we allege in the complaint, Mamma.com entrusted Mr. Cuban with nonpublic information after he promised to keep the information confidential. Less than four hours later, Mr. Cuban betrayed that trust by placing an order to sell all of his shares," Scott W. Friestad, deputy director of the SEC's Division of Enforcement, said in a statement. "It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market."

According to the SEC, the complaint seeks to permanently enjoin Cuban from future violations of the federal securities laws, disgorgement (with prejudgment interest), and a financial penalty.

My condolences Cuban, but I'll always remember how you gifted us with Devin Harris, Ryan Anderson, and a 2010 lotto pick. If you feel the need to unload Dirk or any more draft picks before you go to jail, Rod Thorn is willing to entertain your offers.

Seriously, who here believes that many, many multi-millionaires were told to get out of the market due to its impending created crash? I do. Many of the world wealthiest people, were advised by those in the know, to get out before they pulled the plug.

Insider trading happens everyday. The dude has multibillions... this was to avoid 750,000 in losses. BFD. The real assholes are way higher on the food chain.

Dammit. Just one more reason for him not to be an acceptable bidder for the Cubs.

Wouldn't surprise me if The Club created this dirt to keep Cuban in his place. The Club didn't have a legitimate reason to keep Cuban out of baseball if he had the highest bid for the Cubs. Now they have sufficient reason to keep him out.